Here’s why you should avoid purchasing crypto tokens that do not have an underlying project, development team, or roadmap.
Charlie Kirk-linked tokens surged after his death but face backlash.
Photo Credit: Unsplash/Sajad Nori
After US conservative activist Charlie Kirk was fatally shot on September 10, a wave of meme-style cryptocurrency tokens emerged, igniting rapid speculative trading across multiple platforms. Within hours, tokens bearing Kirk's name appeared, including “RIPCharlieKirk” on Solana's Pump.Fun, which surged more than 53,000 percent, reached a $5 million (roughly Rs. 41 crores) market cap in less than an hour. Experts have warned about the dangers of these tokens, which have followed the trend and are a clear indication of extreme volatility, as early investors look for early gains before prices drop.
A token called Stop Tokenizing Death ($STD) was launched to respond to this sudden growth, as a means to protest and raise ethical awareness of capitalising on human tragedies. Along with this, an X-based community with the same name was also created to oppose these opportunistic launches.
A few X handles have also called out the introduction of such tokens, encouraged caution, and criticised the trend of profiting from human tragedies. Charlie Kirk himself used to advocate for cryptocurrencies like Bitcoin as a tool for financial freedom, but was never involved in the launch of any tokens.
The US Securities and Exchange Commission (SEC) has also warned about the lack of protections for investors during the launch of such tokens. An X account that detects crypto scams, known as @CryptoRugMunch, urged users to avoid chasing hype-driven tokens, saying they “almost always end in disaster.” These views highlight the broader industry caution around headline-driven coins that emerge without substance or accountability.
Other politically themed coins, including a token released by US President Donald Trump, previously showed similar patterns of rapid price spikes followed by steep crashes once the initial hype dissipates. These tokens typically have no underlying project, development team, or roadmap, making them highly speculative and risky.
Binance Research notes that 97 percent of memecoins fail shortly after the launch, highlighting the dangers for retail investors who chase short-term gains. The Market data highlights the unpredictability of such tokens.
Examples like RIPCharlieKirk and JusticeforCharlie demonstrate how quickly hype-driven tokens can take over exchanges, with some double and triple-digit price swings in hours. Most early investors can make rapid profits, but losses are equally swift once momentum shifts.
These events that have transpired reflect the need for discussions for stronger regulatory frameworks. Experts such as Anwar Sheluchin have highlighted the high risks and potential fraud in memecoin markets. They further suggest that the implementation of stringent project disclosures, developer accountability, and safety against the manipulative launches could reduce the risk and foster a safer trading environment.
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